This is what works for our club. We collect member payment checks at our monthly meeting. If someone knows they will be gone ahead of time, they get them to the treasurer ahead of time. If we have all the checks at the meeting they are deposited in the local bank our club does business with immediately. If someone does not make the meeting (because sometimes last minute stuff does happen) they have a week to get it to the treasurer and then the checks are deposited. A check is then mailed to our club's brokerage account.  There is plenty of time for the money to be ready to invest for our next meeting. Of course, Bivio makes life of the treasurer much simpler. Just sayin'.

 

Linda

Tacoma Oddlot Ladies

Tacoma, WA

 

I do not accept anything but checks so that the member has a record of payment. I do not accept late checks ( later than 1 day after our monthly Thurs mtg. ).  I do not care if individual members keep up with their payments, pay with a lump sum or pay at a following meeting if they missed a payment.  I don't keep track----Bivio does. We have a club checking account where payments are kept until necessary to make a transfer to the brokerage account. We were going to switch to a system with individual direct payments to the brokerage account but after hearing about the "problems" with the penny system I'm not so sure. 

Dave Rowekamp

Roundtable Investment a Club

Winona, MN

Sent from my iPhone

On Mar 16, 2016, at 10:07, Mike Jones via bivio.com <user*21595500001@bivio.com> wrote:

I used to get checks at various times, especially when someone had to miss our monthly meeting,   We changed our bylaws to require that checks be delivered to the Treasurer by or on the meeting date or incur a $10 late fee.  After that I seldom received a late check since the fee was large enough to encourage promptness.  The result was a few late fees that made the point and I could deliver the checks the first working day after our meeting..

 

Mike Jones

Wall$treet Wannabees

Bloomington, MN

---

From: Norma Wochna <jean.wochna@sbcglobal.net>
To: club_cafe@bivio.com
Sent: Wednesday, March 16, 2016 10:00 AM
Subject: Re: [club_cafe] checkwriting

Most of our members also use autopay from their bank which means that as treasurer you don't have to be responsible for handling the mailing and the payment. Another great perk for using the penny method and autopay. I used to get checks at different times and not wanting to hold until I received all of them I would have to send them in several batches. 

Sent from my iPhone

On Mar 16, 2016, at 7:53 AM, Linda Wiltse <wiltse@optonline.net> wrote:

Comforting to hear I am not the only treasurer dealing with members who forget the penny amount, or write it in on the amount line and not on the word line.  With over 50 members it is a chore to peruse every check.  Then you have people who can't be bothered putting in the pennies.  The easiest thing is when people set up auto bill pay with their bank.  The checks come every month and they have the correct amount.  Our only problem is with the bill pay checks that come from Chase.  Most times Fidelity scanners cannot read them so it takes a lot longer to make a deposit.

Linda

Pointe Players

 

 

From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Liz Schambach via bivio.com
Sent: Wednesday, March 16, 2016 9:40 AM
To: club_cafe@bivio.com
Subject: Re: [club_cafe] Folio Accounting

 

Be cautious.  Members sometimes forget to include their "assigned penny amount"  or write it in one place on the check and not in the other.  For example numerical amount shows $50.04 but word amount shows fifty & 00/100.

 

Check each one before submitting them to broker.  Liz

 

 

On Friday, March 11, 2016 4:30 PM, Jean Wochna <jean.wochna@sbcglobal.net> wrote:

 

We have Schwab and they also don't include check copies so we assign a number to each member starting with 1 and each member adds that amount of pennies to her check. As treasurer that has made it easy for me to identify to whom the payment belongs. We do not reuse the number, but I suppose that in few years they could be reused.  

Jean Wochna

Dollars  and Sense

 

On Friday, March 11, 2016 11:18 AM, Deborah Emerson <einvest20@gmail.com> wrote:

 

Our newly formed club has sent checks via their bill pay to Folio.  How do we reconcile who sent what since your transaction history does not list the name of the person.  One of the checks did not post to our account and Folio cannot tell us which one.  Please help!

 

Checked by Avast Antivirus. www.avast.com

=

This is what works for our club. We collect member payment checks at our monthly meeting. If someone knows they will be gone ahead of time, they get them to the treasurer ahead of time. If we have all the checks at the meeting they are deposited in the local bank our club does business with immediately. If someone does not make the meeting (because sometimes last minute stuff does happen) they have a week to get it to the treasurer and then the checks are deposited. A check is then mailed to our club's brokerage account.  There is plenty of time for the money to be ready to invest for our next meeting. Of course, Bivio makes life of the treasurer much simpler. Just sayin'.

 

Linda

Tacoma Oddlot Ladies

Tacoma, WA

 

I do not accept anything but checks so that the member has a record of payment. I do not accept late checks ( later than 1 day after our monthly Thurs mtg. ).  I do not care if individual members keep up with their payments, pay with a lump sum or pay at a following meeting if they missed a payment.  I don't keep track----Bivio does. We have a club checking account where payments are kept until necessary to make a transfer to the brokerage account. We were going to switch to a system with individual direct payments to the brokerage account but after hearing about the "problems" with the penny system I'm not so sure. 

Dave Rowekamp

Roundtable Investment a Club

Winona, MN

Sent from my iPhone

On Mar 16, 2016, at 10:07, Mike Jones via bivio.com <user*21595500001@bivio.com> wrote:

I used to get checks at various times, especially when someone had to miss our monthly meeting,   We changed our bylaws to require that checks be delivered to the Treasurer by or on the meeting date or incur a $10 late fee.  After that I seldom received a late check since the fee was large enough to encourage promptness.  The result was a few late fees that made the point and I could deliver the checks the first working day after our meeting..

 

Mike Jones

Wall$treet Wannabees

Bloomington, MN

---

From: Norma Wochna <jean.wochna@sbcglobal.net>
To: club_cafe@bivio.com
Sent: Wednesday, March 16, 2016 10:00 AM
Subject: Re: [club_cafe] checkwriting

Most of our members also use autopay from their bank which means that as treasurer you don't have to be responsible for handling the mailing and the payment. Another great perk for using the penny method and autopay. I used to get checks at different times and not wanting to hold until I received all of them I would have to send them in several batches. 

Sent from my iPhone

On Mar 16, 2016, at 7:53 AM, Linda Wiltse <wiltse@optonline.net> wrote:

Comforting to hear I am not the only treasurer dealing with members who forget the penny amount, or write it in on the amount line and not on the word line.  With over 50 members it is a chore to peruse every check.  Then you have people who can't be bothered putting in the pennies.  The easiest thing is when people set up auto bill pay with their bank.  The checks come every month and they have the correct amount.  Our only problem is with the bill pay checks that come from Chase.  Most times Fidelity scanners cannot read them so it takes a lot longer to make a deposit.

Linda

Pointe Players

 

 

From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Liz Schambach via bivio.com
Sent: Wednesday, March 16, 2016 9:40 AM
To: club_cafe@bivio.com
Subject: Re: [club_cafe] Folio Accounting

 

Be cautious.  Members sometimes forget to include their "assigned penny amount"  or write it in one place on the check and not in the other.  For example numerical amount shows $50.04 but word amount shows fifty & 00/100.

 

Check each one before submitting them to broker.  Liz

 

 

On Friday, March 11, 2016 4:30 PM, Jean Wochna <jean.wochna@sbcglobal.net> wrote:

 

We have Schwab and they also don't include check copies so we assign a number to each member starting with 1 and each member adds that amount of pennies to her check. As treasurer that has made it easy for me to identify to whom the payment belongs. We do not reuse the number, but I suppose that in few years they could be reused.  

Jean Wochna

Dollars  and Sense

 

On Friday, March 11, 2016 11:18 AM, Deborah Emerson <einvest20@gmail.com> wrote:

 

Our newly formed club has sent checks via their bill pay to Folio.  How do we reconcile who sent what since your transaction history does not list the name of the person.  One of the checks did not post to our account and Folio cannot tell us which one.  Please help!

 

Checked by Avast Antivirus. www.avast.com

=